NNPC remits $1.3bn to Joint Venture

The Nigerian National Petroleum Corporation (NNPC) has transferred $1.27 billion to Joint Venture Cash as first line charge and also remitted  $85.79 million to the Federation Account.

NNPC said that $108.76 million was also remitted to fund the Joint Venture (JV) cost recovery for March, this year to guarantee current and future production.

 “Total export crude oil &gas receipt for the period March 2020 to March 2021 stood at $2.13 billion; out of which $1.27billion was transferred to JV Cash Call as first line charge and the balance of $0.86billion was paid into Federation Account.”

In its February report, the corporation said it moved $1.28 billion to JV Cash call last February. The document entitled: “February 2021, Financial and Operations Report,” added that the $1.28 billion was paid as first line charge.

It noted that in the period under review, the corporation also transferred $0.94billion into the Federation Account.

The report explained that the total crude oil and gas receipt for the month was $2.22billion from which the transfers were made to JV cash call and Federation Account.

According to the report, the total export receipt of $115.34million was recorded in February, this year as against $108.75 million the previous month.  The proceeds from crude oil, said NNPC, amounted to $30.99 million while gas and miscellaneous receipts stood at $81.18million and $3.17 million.

NNPC said: “Dollar Payments to JV Cost Recovery & Federation Account: Total export receipt of $115.34 million was recorded in February 2021 as against $108.75 million in January 2021.


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